US Banks Battered On Spain's Bailout Approval

Tyler Durden's picture

From the mysterious pre-Summit ramp in the afternoon of 6/28, the major US financials managed gains from 6 to 11% within a few days. As reality sets in and that sinking feeling rears its ugly head, so one-by-one, all that exuberance has faded. While the financial ETF XLF remains higher, the major US financials are considerably lower with BofA -6%, MS -5%, and JPM -3% from those pre-Summit levels...

It seems buy the rumor, sell the news was the game...

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The Axe's picture

crazy   i know....but the market still acts good, considering all this shit

Dr. Engali's picture

People are buying companies that actually produce something so at least they have some wealth left after the dollar collapse.

CClarity's picture

Just a thought - - - could it be that Morgan Stanley actually reports earnings (and losses)?  Where the other financial institutions play with a lot of shuffling decks, a little of this, a reassignment of that, no mark to market?  Kinda like CNBC now lamenting the falling Euro and how it will hurt the US with a strengthening US$ . . . making commodities prices in US$ more dear.  But a stronger US$ also means purchasing power remains intact versus constantly degrading the same.  

Not all is what is seems.


Clueless Economist's picture

Cramer was going to mention the banks tonight, but he called out sick...indegestion from Chipolte's earnings and diarreaha from Chipolte's food.

Carl Spackler's picture

Has cramer also had insomnia and night sweats from worrying that everyone is on to his charade and lies?

Or is Cramer just an amoral twit?

TonyCoitus's picture

I can't stand that fucking blabermouth moron.  When I'm channel surfing, I can't flip past that ass hole fast enough......the show is like watching big time wrestling.......only for the brain dead.

Bringin It's picture

Tony - work with me here.  The irony of your post is astounding - ...only for the brain dead. ???  Tony, that would be you.  The whole damn TV is ...only for the brain dead.  Put the remote down.  Pick up your big screen and drop it out the window. 

[Anyone living in a hi-rise will need to check first to warn away anyone in the landing zone.  People will applaud you.  Letterman used to get a lot of laughs with similar.]

They are molding the inside of your cranium and you are openning the door, inviting them in.  Astounding.

Snakeeyes's picture

Bailouts are expensive and not productive. Just a massive dumping of money down the toilet.

Euro and Iggy Pop (Italy, Greece and Spain) yields jumped. Nice bailout!

magpie's picture

They should start shoring things up now so they can crash again next week.

AccreditedEYE's picture

If the financials die a slow death, and the market isn't listening, does it make a difference? (sound)

RobotTrader's picture

KRE is unfazed.


Regional banks are now the powerhouses.

Now sitting on its 50-day EMA

The big banks and investment banks are too big and too slow and have targets on their backs.

pods's picture

So would you call CMG fazed?


AccreditedEYE's picture

i keep sayin' it... power is moving away from the old names: GS, MS, C, BAC  to the NEW names: BX, KKR, APO. "Ownership" is replacing "transaction". Certainly fits in a world of declining fiat and scramble for hard assets.

Vincent Vega's picture

"Regional banks are now the powerhouses." Yes, especially love the 5 yr charts on STI (90 to 23) and RF (37 to 6). Looking just a bit fazed.

Jlmadyson's picture

BoFA back to 4.99 soon enough.

Miss Expectations's picture

As speculation mounts about the motive behind the mass shooting, one private investigator has claimed that Holmes may have been part of Occupy Wall Street's most violent faction Occupy Black Bloc.

Bill Warner told how the Batman movie portrays the OWS crowd in a negative vein, leading him to believe that may have been a cause behind the shooting.

Read more:

writingsonthewall's picture

Do you work for the Government? ^^



...oh wait - I just saw your source - you're just a normal moron sheeperson.


You demonstrated your ignorance by not knowing what a black bloc is - just as the Daily mail did too.


I've been in a black bloc - there is no violence against citizens.

Miss Expectations's picture

I want to tell you to fuck off because my point was how quickly they are blaming the WRONG people.

Ted Baker's picture


Hype Alert's picture

Is volume weird?  I'm showing a pickup in volume on the DOW & S&P, but my individual stocks are pretty low.  Have all the individual investors been scalped out by the algo's and the only volume left a ripple effect from the major ETF's?

Village Smithy's picture

Congratulations, if you are trading individual stocks you may be an endangered species and therefore eligible for Federal funding.

q99x2's picture

Green by the Bell.

Black by the Day.

Light by the Night.

Hell on the Way.

Where's the Limerick King when you need him.

W10321303's picture

Be careful what you wish for?

Why the Obama Administration Will Hate Neil Barofsky’s Book “Bailout”

Having read an advance copy of former Special Inspector General of the TARP Neil Barofsky’s new book, Bailout, I am pretty confident most NC readers would enjoy it. He got to be what I call a designated asshole in his DC incarnation, not that that was the way it had to turn out. For some unfathomable reason, the Bush White House decided it wanted someone who’d take the SIGTARP role seriously in the job. And they chose a Democrat, perhaps figuring that as much as he’d be a thorn in their side, Obama would be hard pressed not to keep him on, and he’d be even more of a problem for them



Bringin It's picture

Who's Obama and why should I care?